The President of the Republic of Uzbekistan signed the Decree “On further improvement of resource taxes and property tax” No.UP-6121 dated 03.12.2020 (the “Decree No.UP-6121”) to improve the property and land taxation. This document provides for a number of innovations.
The Decree No.UP-6121 granted local government authorities the right to set land tax rates, namely:
Moreover, the Decree No.UP-6121 provides for the introduction of a mechanism for calculating property tax and land tax based on the cadastral value, close to the market value of the real estate, in two periods:
The Decree No.UP-6121 provides for methods to improve the efficiency of the use of land and water resources, extracted minerals from the subsoil. Also, it stipulates the introduction of amendments and additions to the Tax Code. In addition, there will be close interaction between the ministries and departments involved in real estate taxation with international financial institutions and foreign experts' involvement.